Apple Shares Fall Under $500
Tuesday, Jan 15, 2013 Updated at 2:46 PM PST
Apple's shares fell lower than $500 for the first time in almost a year after reports that demand for its iPhone 5 had weakened.
Share prices fell 3.2 percent on Tuesday and closed at $485.92, the first time since Feb. 15 the stock dropped under $500, according to the San Jose Mercury News. The most recent plunge seems to be based on analyst reports that the Cupertino, Calif. company has cut back on orders for iPhone 5 components because of weak consumer demand.
However, not all analysts agree with the assessment, calling the iPhone demand "robust" and "favorable," Instead, the less need for components could mean that apple is streamlining manufacturing or switching out technology for newer models.
However, soon analysts will no longer have to guess about iPhone 5 sales, and be able to base them on fact. Apple will be announcing its quarterly earnings report on Jan. 23.